StartupTalky

Tag: fintech

  • Moneyfront – Simplifying Investment In Mutual Funds

    The content in this post has been approved by the organization it is based on.

    Mutual Fund is an excellent investment tool as it allows all kinds of investors access to professionally managed portfolios of equities, bonds, and other securities. The only downside is the loss of a significant portion of the investor’s returns as commissions to the mutual fund agent or distributor.

    In 2013, Direct Mutual Fund plans were introduced by SEBI that permitted investors to invest directly without resorting to any agent or distributor. In direct plans, the expense ratio is low and with high returns. Still, many are hesitant to invest in mutual funds due to a lack of know-how.

    What is the video based Wealth community launched by Paytm
    The digital fintech startup Paytm has recently announced that it has launched aplatform for its users to learn about investing. It has launched a video-basedwealth community platform(Currently in beta stage) for the users to learninvesting. Let’s look at the further details of the New Community P…
    StartupTalkyAlan Joseph

    Mohit Gang, Anil Bang, and Puneet Mehta—who are also active investors themselves— noticed these inconveniences faced by mutual fund investors face and came up with a solution. The trio launched Moneyfront, a financial advisory platform that lets investors invest profitably in direct plans of mutual funds and that too without any paperwork.

    StartupTalky interviewed the Founders of Moneyfront to understand their venture better

    Moneyfront – Company Highlights

    Startup Name Moneyfront
    Headquarters Mumbai
    Founders Mohit Gang, Anil Bang, And Puneet Mehta
    Sector Fintech
    Founded 2015
    Parent Organization Moneymap Investment Advisors Private Limited
    Website moneyfront.in

    Moneyfront – About
    Moneyfront – Founders and Team
    Moneyfront – History and Launch
    Moneyfront – Business Model and Revenue Model
    Moneyfront – Funding and Investors
    Moneyfront – Tools Used
    Moneyfront – Startup Challenges
    Moneyfront – Future Plans
    Moneyfront – FAQs

    Moneyfront

    Moneyfront – About

    Headquartered in Mumbai (India), Moneyfront is a Robo-advisory platform to invest in mutual funds offering direct plans. It takes pride in three principles – paperless, simplified, and automated unbiased advisory. There is negligible awareness around the concept of direct plans despite being a client-friendly and hugely beneficial option to invest in. The company promotes this concept through technology and by offering transparent advice to clients wishing to invest in mutual funds.

    Moneyfront offers financial advisory services via a comprehensive portfolio approach. Using a smart algorithm, it profiles the client and suggests the best direct plans custom-tailored for the investor’s persona.

    “Our target customers are all existing investors in mutual funds who are currently investing through their banks or local distributors. We want to educate this base about differences between Regular Plans which they are currently getting and ‘Direct Plans’ which we offer being a registered Investment Advisor with SEBI,” quote the Moneyfront founders.

    In September 2018, Niyogin Fintech, a platform that provides collateral-free credit to MSMEs, acquired a 50% stake in Moneyfront for Rs 12 Crore.

    Goalwise – Goal Based Mutual Fund Investing | Funding | Founders
    Every investment is made with a goal in mind. Be it for buying a house, forchildren’s education or for going on the world tour that you always wanted.Though we all save money to achieve our goals, due to lack of time or investmentrelated expertise we fail to make the most out of our savings. This…
    StartupTalkyChayanika Goswami

    Moneyfront – Founders and Team

    Mohit Gang, Anil Bang, and Puneet Mehta founded Moneyfront in the year 2015.

    Mohit Gang, Anil Bang, Puneet Mehta
    Moneyfront Founders

    Mohit Gang is the CEO of the Money front. A management degree holder by education, Mohit is an investment expert and worked with Citibank and HSBC before starting Moneyfront.

    Anil Bang is an expert in the finance domain. He started his career in ICICI bank and also worked with reputed global financial institutes like Morgan Stanley and Marshall Wace before joining Moneyfront. He has done extensive research on various national and global financial companies.

    Puneet Mehta is a talented chartered accountant. He is a member of the ‘Financial Risk Management Program’ conducted by the Global Association of Risk Professionals. Puneet has worked with organizations like ICICI bank, Merrill Lynch, and Bank of America in various capacities in a career spanning 12+ years.

    The founders are guided by the belief that a happy client is the best advocate.

    At Moneyfront, everyone in the team has the freedom to express themselves freely. Each team member is empowered to take certain actions and contribute ideas for making the company leaner and swifter. The Moneyfront group takes client-feedback pretty seriously and acts on it effectively. It has a full compendium of feedbacks and keeps improvising based on client feedback and suggestions.

    PolicyBazaar Success Story – India’s Prominent Online Insurance Aggregator
    It’s always good to be insured against the contingencies and emergencies oflife. The whole idea behind an insurance policy is to financially equip us todeal with losses. Having insurance brings many benefits like managing risk andcash flow uncertainty. It is also regarded as a good investment too…
    StartupTalkyShubham Kumar

    Moneyfront – History and Launch

    Mohit, Anil, and Puneet were discussing their respective investments one day somewhere around the end of 2015. They came to the same conclusion a big slice of their returns was being decimated as distributors’ commission. They wanted to avoid this and maximize the returns. Moreover, they wanted to avoid the clutter of time-consuming paperwork. The concept of Moneyfront was the result of this discussion– completely paperless with an automated advisory for clients.

    MoneyMAP Investment Advisors Private Limited is Moneyfront’s parent company. The name MoneyMAP was inspired by the founders’ names (MAP – Mohit, Anil, and Puneet). The name Moneyfront represents the company’s idea to keep the client’s interest and money at the forefront.

    logoMoneyfrony
    Moneyfront Logo

    NoBroker Success Story – Business Model | Revenue | Founders | How it Works
    The content in this post has been approved by the organization it is based on. Anything that has to do with real estate, specifically as a purchaser, isconvoluted and often, annoying. The constant nagging by middlemen and sellers,lack of fluid communication, and running helter-skelter to get the …
    StartupTalkyChayanika Goswami

    Moneyfront – Business Model and Revenue Model

    As Moneyfront caters to Direct plans of Mutual Funds, it doesn’t take any commission from fund houses. Regulations disallow any incentive from product providers if the company registers itself with SEBI as an investment advisor. It is only permitted to charge a fee for the advisory. Moneyfront charges a flat fee of Rs. 1200 per client per year. Moneyfront also offers free services from time to time to first-time customers.

    Moneyfront – Funding and Investors

    The company was initially bootstrapped by the three founders. Moneyfront raised seed funding in 2017.

    BookMyShow Success Story – Founder | Competitors | Revenue | Business Model
    Are you a movie buff? If it’s a no, then sorry to burst your lie! Come on, thereare endless reasons for watching a movie: for unwinding, relaxing, and what not.The genre differentiates the audience; some love action, others root forrom-com, teens want drama, and all that jazz. Choices are never e…
    StartupTalkyShubham Kumar

    Moneyfront – Tools Used

    Moneyfront uses a host of tools. For hiring, the Moneyfront team relies on online portals. It uses Google Sheets for updating and coordinating marketing efforts. The company is working on moving its servers to cloud-based platforms.

    Moneyfront – Startup Challenges

    The most challenging part for Moneyfront has been to deliver simplified options to clients. Moneyfront made a first-in-the-industry switch module with intelligent decryption that auto-reads clients’ existing portfolios. Moneyfront customers can simply upload their existing holdings and switch to direct plans without any paperwork in 5 clicks.

    Money View Company Profile – Teaching India the Habit of Monitoring Finances on a Daily Basis!
    A new restaurant at the corner of the lane, online offers, sale season, and foodapplications making life easy by delivering at your footstep; all these are sotempting. With over a hundred reasons to spend, one might get concerned aboutthe monthly expenditure. It is definitely cumbersome to keep a…
    StartupTalkyRishabh Rathi

    Moneyfront – Future Plans

    The founders envision Moneyfront as a platform that simplifies the client’s investment journey, giving them holistic wealth solutions that are paperless, cost-effective, and comprehensively researched. Moneyfront is planning to include other wealth products soon and improve the platform’s technological sophistication. Moneyfront wants to establish itself as one of the biggest players in the Robo-advisory segment in the coming three years.

    “We are what we repeatedly do. Excellence then is not an Act, but a Habit.” I am also inspired by Madhushala from Harivansh Rai Bacchan – “Raah pakad tu ek chala chal, pa jayega Madhushala” (take one path and follow it diligently, and you shall reach your destination).

    Moneyfront – FAQs

    What is Moneyfront?

    Moneyfront is a Robo-advisory platform to invest in mutual funds offering direct plans. It takes pride in three principles – paperless, simplified, and automated unbiased advisory.

    Who are the Founders of Moneyfront?

    Mohit Gang, Anil Bang, and Puneet Mehta founded Moneyfront in the year 2015.

    How does Moneyfront earn money?

    Moneyfront charges a flat fee of Rs. 1200 per client per year. Moneyfront also offers free services from time to time to first-time customers. Moneyfront caters to direct plans of Mutual Funds, it doesn’t take any commission from fund houses

    Who is the Parent Company of Moneyfront?

    Moneymap Investment Advisors Private Limited

  • Success Story of PayKun- The Easiest Payment Gateway to Accept Online Payments

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by PayKun.

    With the digital revolution prevailing in the worldwide payment system, breaking all the possibilities and introducing something new in the payment infrastructure and ecosystem is essential for businesses to keep up with the times. All kinds of businesses have to adapt to it to satisfy the demands of the customers and for the small-scale companies and startups, this becomes a mandate to grow and flourish further. PayKun was launched by five friends from Gujarat; Nikunj Yadav, Prashant Kambad, Vijay Yadav, Deepak Dabhi and Nirav Solanki, in the year 2018, with the primary intention to introduce ease and integrity into the online payment system.

    It allows the customer to make an online payment to the merchants using the payment gateway with their preferred option out of multiple options available with it. It is a secured and reputed solution for the sellers and the service providers and also the most affordable one. It can be used with or without a website with no technical know-how from the merchant-side. Read this article to know more about PayKun.

    PayKun – Company Highlights

    Startup Name PayKun
    Headquarters Bhavnagar, Gujarat, India
    Industry Fintech
    Founders Nikunj Yadav, Prashant Kambad, Vijay Yadav, Deepak Dabhi and Nirav Solanki
    Founded 2018
    Parent Organization Paykun Payment Solutions Private Limited
    Website paykun.com

    Paykun – About
    Paykun – Target Market
    Paykun – Founders/Owners
    How was Paykun Started?
    Paykun – Name, Tagline and Logo
    Paykun – Competitors
    Paykun – Startup Challenges
    Paykun – Funding and Investors
    Paykun – Startup Launch and Growth
    Paykun – Future Plans
    Paykun – FAQs

    Coronavirus Impact on Digital Payments Startups
    Coronavirus is here, and it’s making a big impact on every aspect of business.From trade market swings to airline collapses, the economy of many industries istaking its toll and having major constraints. Whole worldwide especially inEurope, those living in Italy, Spain, Germany and France have be…
    StartupTalkyVarad Kitey

    Paykun – About

    PayKun Payment Gateway was founded in May 2018 to introduce an easy solution for online payments for all types of businesses from small, medium to large. Any kind of merchant including a freelancer, a YouTuber, a blogger, an offline seller at the shop or showroom, or an individual, needs to have an easy option available for the collection of digital payments.

    So with a primary vision to empower business enterprises of all sizes to accept digital payments for their business in the most secure and easiest way possible with a reliable platform, PayKun was developed. Thus, being a Payment Partner, its mission is to provide entrepreneurs with a simple, hassle-free and affordable online payment solution.

    It has been growing ever since. It provides 120 payment method options including:

    PayKun is a PCI DSS Level 1 Compliant that facilitates a totally safe and secure funds transfer. It provides free plugins and SDKs readily available on the internet to integrate with all the major platforms of website and mobile application. If there is no website or app, the merchants can facilitate the online payment for their customers with its Payment Links and Master Links.

    It is successful in fulfilling its primary objective of providing the payment gateway solutions in the most affordable and cost-effective manner. It provides its services at among the lowest rates in the market and has taken its place among the cheapest payment gateway solutions in India.

    Paykun – Target Market

    Payment Gateway acts as a medium between the merchants, customers and the respective banks to make the fund transfers possible directly into the merchant’s bank account. PayKun as a payment gateway supports all categories of the business apart from a few exceptions. Its primary focus has always been to help small and medium businesses grow.

    Along with that, it also facilitates high-volume transactions and handles the large enterprises, for them to collect the money for the products or the services they sell. According to the business activities they tend to make the process flexible and customized and serve the society with the first intention to provide ease of access.

    Razorpay Success Story- Facilitating the SME’s with effortless online payment mechanisms!
    When smartphones and the internet took the world by surprise, it opened multipleopportunities for different sectors to pioneer the evolution of a morecontemporary world. One of these sectors was the online payment industry. In thesame field, with the vision to revolutionize the online payment mec…
    StartupTalkyVidhi Punamiya

    Paykun – Founders/Owners

    The Founders of PayKun are Nirav Solanki, Vijay Yadav, Deepak Dabhi, Prashant Kambad, and Nikunj Yadav.

    Prashant Kambad graduated with a Bachelor in Engineering in the IT field and as a Chief Technology Officer manages the Technological Development at PayKun.

    Nirav Solanki, Vijay Yadav, Deepak Dabhi, Prashant Kambad, Nikunj Yadav
    Paykun Founders

    Nikunj Yadav graduated in the Bachelor of Computer Applications and manages Server management, Server security & Database management as a Server Administrator at PayKun.

    Vijay Yadav is a Bachelor in Mechanical Engineering. He overlooks the Business development, all the legal work, and Banking Procedures at PayKun.

    Deepak Dabhi has got a Diploma In Computer Science and manages Accounts, Human Resources and Graphics & Design in the company as the Chief Finance Officer and now the CEO f PayKun.

    Nirav Solanki graduated with a Bachelor in Engineering in Information Technology and as a Chief Marketing Officer (CMO), manages the sales, marketing, and customer service departments.

    How was Paykun Started?

    None of the founders cum directors had any prior job experience . They were newly graduated from their respective fields and no one was interested in pursuing a job. So together with the same notion, they started a small freelancing business. They set up a new office and started their work.

    They got the need of using the payment gateway for collecting the online payments from their clients. They applied with many different ones but were unsuccessful to get one. They got a very delayed response from them and the whole experience was very upsetting. But this inspired them to start their own payment gateway solutions which would make it easy and cost-effective for small businesses like theirs to get a payment gateway in an easy and affordable manner.

    They struggled a lot for the first 6 months which were only spent researching and knowing things like RBI rules, legal requirements, technology, etc because none of the five directors are from the Fintech industry. Later they took 2 years for the implementation part like the technology and infrastructure development, security and RBI compliances, etc and launched PayKun on 15 August 2018 and officially registered it on 31st May 2018.

    Refrens Success Story – Best Payment Gateway for Freelancers
    Company Profile is an initiative by StartupTalky to publish verified informationon different startups and organizations. The content in this post has been approved by the organization it is based on. As people look for alternatives beyond their day jobs, they are quick to stumbleupon freelancing…
    StartupTalkyLakshya Singh

    Pay means one would be able to make the payment with the payment gateway easily and – Kun is the Arabic word which means ‘to be’, so together it is named PayKun with the meaning that there is an easy payment gateway now in existence.

    Paykun Logo

    With their insistence on bringing ease to the genuine businesses in all ways, the directors had together came up with this name.

    Paykun – Competitors

    Some of the top competitors of Paykun are:

    With the demand for online payments and the payment gateway rising, the solutions providers are also increasing. There are various payment gateways already in existence and many startups have also been introduced in the market. There is strong competition out there.

    Comparison between Indian digital payments system Instamojo and Razorpay
    As of today, 160 million unique digital payments users are found just in India,which accounts for about 13% of the population. In European countries, thepercentage is as high as 68%. The pandemic has further boosted the use ofdigital payments. This triggers a question, that being, “Which is the b…
    StartupTalkyANSH MEHREY

    Paykun – Startup Challenges

    Developing this huge setup in a tier 3 city and having no background in the FinTech field made the inception challenging. They hired a staff of 15 but the team was small and they couldn’t get more because of the limitation existing in the city. They overcame that and have been functioning well after that.

    Paykun – Funding

    Paykun hasn’t raised any funds from third party yet. It is bootstrapped (June 2021).

    “We have a few side projects running which keep the PayKun fueled. We have never raised the funds from any third party and aren’t planning to have it in the near future,” says the founder and CTO, Prashant Kambad.

    Success Story of Loanwalle.com – Providing Instant Short Term Loans
    We have time and time gone round and round about the perks of digitization. Theloan processes that would take months and such cumbersome requirements are nowavailable at just one click. Thanks to digitization! One such fintech startup isLoanwalle.com founded by Sachin Mittal in 2015. Startup Na…
    StartupTalkyVidhi Punamiya

    Paykun – Startup Launch and Growth

    The launch of PayKun itself was a breakthrough for the founders, because it was quite a challenging venture for them. In one year they had crossed 10000+ merchant registration and that was quite a success. They had started with 15 employees and reached to a staff of 50+ today.

    It is necessary to introduce what is in demand. Initially, PayKun had 40 payment methods integrated and the number has now reached more than 120. The international services were developed and recently launched at the start of the year 2020. Also, PayKun has processed successful transactions worth 700+ million till today.

    PayKun handles all the requirements with ease and with its free integration services there is no technical knowledge required on the merchant side. It has been providing its services at the lowest rates with no set up or maintenance charges and zero hidden fees by not levying unnecessary charges. The PayKun Plugins and SDKs are available online which make the whole integration and technical part hassle-free.

    Paykun – Future Plans

    “We aspire to onboard all the genuine Indian businesses of all kinds and size and make every business digitised. Also would offer all the possible features at one place.” says the founder and CTO, Prashant Kambad.

    Paykun – FAQs

    What is Paykun?

    It is an easy solution for online payments for all types of businesses from small, medium to large. Any kind of merchant including a freelancer, a YouTuber, a blogger, an offline seller at the shop or showroom, or an individual.

    Who is the owner of Paykun?

    Paykun Payment Solutions Private Limited is the parent company of Paykun. The founders of PayKun or the PayKun owners are Nirav Solanki, Vijay Yadav, Deepak Dabhi, Prashant Kambad, and Nikunj Yadav. The PayKun CEO is Deepak Dabhi.

    What is the PayKun Funding till date?

    Paykun hasn’t raised any funds from third party yet. It is bootstrapped (June 2021).

    Does PayKun accept international payments?

    Yes, PayKun accepts international payments and is considered the most affordable international payment gateway in India. It has the lowest transaction rates for international Payment.

  • EnrichVideo (Amigobulls) – Helping Businesses Drive Growth

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by EnrichVideo (Amigobulls).

    Organizations can utilize big data analytics to leverage their data and find new opportunities. As a result, smarter business decisions, more effective operations, higher profits, and happier consumers are the result. Big Data is used by businesses to improve their marketing efforts and techniques.

    Amigobulls uses big data tools to expedite the fundamental research of hundreds of equities. The company uses an in-house built video platform to give the viewer an easy-to-understand analysis in the form of videography. This video platform was named EnrichVideo and later, Amigobulls slowly shifted its brand towards it.

    As of 2018, Amigobulls has been rebranded to EnrichVideo.

    EnrichVideo – Company Highlights

    Startup Name EnrichVideo
    Headquarters California, U.S.
    Industry Investment Banking, Fintech
    Founders Poorna Nayak, Mandeep Makkar and Chandu Sohoni
    Founded Amigobulls – 2013-2018, EnrichVideo 2018-present
    Areas Served Worldwide
    Formerly Known as Amigobulls
    Website www.enrichvideo.com

    EnrichVideo – Latest News
    About EnrichVideo and How it Works?
    EnrichVideo – Name, Logo and Tagline
    EnrichVideo – Founders and History
    EnrichVideo – Mission and Vision
    EnrichVideo – Business Model
    EnrichVideo – Revenue and Growth
    EnrichVideo – Funding and Investors
    EnrichVideo – Competitors
    EnrichVideo – Future Plans
    EnrichVideo – FAQs

    EnrichVideo – Latest News

    As of July 2019, Amigobulls’ EnrichVideo Platform has received the ISO 27001:2013 certification which is the international standard outlining the best practices for information security management systems.

    About EnrichVideo and How it Works?

    Amigobulls used to employ big data analytics to provide individual investors with in-depth insights into a company’s financial and stock price performance, allowing them to make more informed investment decisions. On amigobulls.com which now redirects you to EnrichVideo.com, investors may get technological stock analyses, as well as thorough articles, videos, and discussion boards. This is very beneficial for bloggers.

    The founders, who are specialists in technology and finance, bring together successful start-up expertise from a variety of industries, including technology, media, and telecom. It says that each stock is evaluated using a rigorous list of 56 check points, followed by a review by their finance and technology specialists.

    Experts at the firm use the most up-to-date big-data techniques to give you the most up-to-date information and analysis on the technology sector. It thinks that any investor interested in technology stocks should have access to high-quality, impartial news and analysis videos.

    Amigobulls Inc, a personalized video platform provider, has built EnrichVideo Platform for Hexagon Wealth, a renowned wealth management firm in Bangalore. Hexagon Wealth is the first wealth management firm in India to provide personalized movies as portfolio statements to all of its clients.

    CreditMantri – Company profile | All You Need To Know
    Company Profile is an initiative by StartupTalky to publish verified informationon different startups and organizations. The content in this post has beenapproved by CreditMantri. Credit scores are used by insurers to determine premiums for auto and homeinsurance. They are used by landlords to…
    StartupTalkySarika Anand

    EnrichVideo – Name, Logo and Tagline

    EnrichVideo ‘s company description says, “We Help Businesses Drive Growth Through Personalized Videos!”

    Amigobulls' Company Logo
    Enrichvideo Company Logo

    EnrichVideo – Founders and History

    Poorna Nayak together with CEO Chandu Sohoni and Mandeep Makkar, co-founded Amigobulls which is now known as EnrichVideo. Mandeep Makkar has since left their post after the rebranding.

    Amigobulls was founded in mid-2013 by investment and technology specialists with a clear goal of serving US retail stock market participants. The company is developing a YouTube-style platform where analysts and amateurs may post their own stock research videos.

    Amigobulls’ three founders worked previously with each other at NewsHunt (now remaned DailyHunt), India’s leading mobile news application, and have decades of expertise in a variety of startups and multinational corporations.

    Chandu is a successful entrepreneur who has founded profitable telecom, media, and mobile technology companies. He is a technician with a passion for the stock market, with years of expertise and skills in building profitable businesses. Chandu is a seasoned investor who keeps a close eye on the financial markets in the United States and actively invests in them. He was the creator and Chief executive Officer of NewsHunt (now DailyHunt), a mobile news media startup, prior to founding Amigobulls.

    Poorna is in charge of marketing and customer service. She was an early part of the NewsHunt team, India’s leading mobile news app with millions of active users, prior to joining Amigobulls. Poorna offers unique expertise in product design and digital marketing to help build a successful digital client engagement platform, has been a major member of the NewsHunt team.

    “It is a unique combination of high quality financial analysis provided using big data and video technologies. Our current focus is on analyzing US technology stocks but the patent pending technology allows us to expand beyond tech-stocks and also beyond North American markets. New age investors have no time to read long analysis reports and have a clear preference for multimedia content. Amigobulls provides media rich stock analysis with actionable insights. After initial struggles in understanding US consumer behavior the team came up with many innovative ideas including the presentation of financial analysis in short video format. We also enabled financial analysts to create video blogs using our charts and videos. After these initiatives were launched in early 2015, user traction has significantly increased with the monthly active unique user base about to reach 100,000,” said CEO & Founder of EnrichVideo, Chandu Sohoni.

    EnrichVideo – Mission and Vision

    EnrichVideo’s mission statement says, “We help banks and wealth management firms connect with their clients one on one with personalized and interactive video experiences.”

    EnrichVideo – Business Model

    Through a patent-pending video generating system, EnrichVideo provides financial advice and news to stock market investors in the United States. The company has applied for a patent for a technology that allows anybody to produce and submit movies regarding stocks. For bloggers, this is very useful.

    The Amigobulls Business Model changed to make it feel more personal. Using typical digital techniques such as a client site, smartphone app, or chatbot renders the experience impersonal and lifeless. That is why EnrichVideo was created: to restore the human touch to your digital client communication.

    Wealth managers may communicate with their clients on a regular basis and collect feedback from them using EnrichVideo without being intrusive or overbearing. It assists people in identifying dissatisfied customers long before they start transferring their assets to competitors. The firm also assists people in upselling to their satisfied customers.

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    EnrichVideo – Revenue and Growth

    The EnrichVideo annual revenue is $5 Million in quarter 2 of 2021. It used to be $7 Million in FY21.

    EnrichVideo – Funding and Investors

    EnrichVideo has not raised any funding till date but Amigobulls funding is as follows:

    Date Round Amount Lead Investors
    Sep 22, 2015 Seed Round – –

    Investor Name Lead Investor Funding Round Partners
    Vijay Anand – Seed Round –
    Sharad Sharma No Seed Round –
    Lets Venture – Seed Round –

    EnrichVideo – Competitors

    Heckyl, Cogencis, Lets Talk Payments, Golden Hills Capital, Biorx Venture Advisors, Tickerplant, RavenPack International S.L., and Vermillion Engineered are among EnrichVideo’s key competitors.

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    EnrichVideo – Future Plans

    Wealth management businesses, banks, and brokerages use Amigobulls’ EnrichVideo Platform to provide tailored, interactive video summaries as part of their portfolio statements. EnrichVideo’s clientele includes some of the world’s top asset management organizations, such as IIFL Wealth Management.

    “At Amigobulls, we believe that good design can simplify finance and enhance client engagement. We now offer our customers video statements that look real and beautiful. Our natural looking videos are overlaid with meaningful text and charts to create video statements that wow HNI clients,” said Amigobulls CEO Chandu Sohoni.

    Data security and business continuity were two of the ISO certification’s main focus areas. Amigobulls underwent extensive testing and a comprehensive technical and procedural examination by a third-party auditor to ensure conformity with the ISO standard. Customers of Amigobulls may rest assured that their data is always safeguarded in accordance with these standards thanks to this accreditation. And all of these safety precautions have been transferred so EnrichVideo as well.

    “Security has always been a top priority for Amigobulls as we deal with financial data and information. Leveraging the ISO framework for continuous review and implementation of our Information Security management controls, provides our customers the assurance and the confidence in our ability to handle sensitive information,” Chandu further added.

    EnrichVideo – FAQs

    Where are Amigobulls’ headquarters?

    Amigobulls’ headquarters are in 3260 Hillview Ave, Stanford Research Park, Palo Alto, California, 94304, United States.

    What is Amigobulls’ industry?

    Amigobulls is in the industry of: Investment Banking and Fintech.

    Who are Amigobulls’ main competitors?

    Heckyl, Cogencis, Lets Talk Payments, Golden Hills Capital, Biorx Venture Advisors, Tickerplant, RavenPack International S.L., and Vermillion Engineered are among Amigobulls’ key competitors.

    What is Amigobulls’ Revenue?

    Amigobulls’ revenue is $5 Million.

    Is Amigobulls and EnrichVideo the same?

    Yes, Amigobulls was rebranded to Enrichvideo in 2018.

  • CreditMantri – Enabling People To Access Quality Financial Services

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by CreditMantri.

    Credit scores are used by insurers to determine premiums for auto and home insurance. They are used by landlords to determine who is eligible to rent their units. Who gets the finest cell phone plans and who has to put down larger deposits for utilities is determined by credit scores. In other words, credit ratings are a financial instrument, but their effectiveness as a lever or a hammer relies on how excellent they are.

    Credit scores affect whether or not you are eligible for loans and the interest rates you will be paying. One’s credit ratings influence far more than the kind of loans one can acquire and the interest rates they pay. People can get a credit score assessment and a credit improvement program from CreditMantri. It educates clients about their credit history and uses that information to improve or enhance their probability of getting a loan or credit card.

    CreditMantri – Company Highlights

    Startup Name CreditMantri
    Headquarters Chennai, Tamil Nadu, India
    Industry Financial Software, Fintech
    Founders Ranjit Punja, Gowri Mukherjee, and R. Sudarshan
    Founded 2012
    Areas Served India
    Website www.creditmantri.com

    CreditMantri – Latest News
    About CreditMantri and How it Works?
    CreditMantri – Name, Logo and Tagline
    CreditMantri – Founders and History
    CreditMantri – Mission and Vision
    CreditMantri – Business Model
    CreditMantri – Partnerships
    CreditMantri – Funding and Investors
    CreditMantri – Competitors
    CreditMantri – Challenges Faced
    CreditMantri – Future Plans
    CreditMantri – FAQs

    CreditMantri – Latest News

    As of March 2017, Quona Capital and others contributed $7.6 million to CreditMantri. According to CreditMantri, the investment round was headed by Accion Frontier Inclusion Fund, managed by Quona Capital, with participation from Newid Capital and current investors Elevar Equity, IDG Partners, and Accion Venture Lab.

    According to Ranjit Punja, co-founder and chief executive officer, the funds will be used to acquire new customers, invest in the technological platform, develop new products, and increase the staff.

    About CreditMantri and How it Works?

    CreditMantri, situated in Chennai, India, is a digital credit facilitator. The objective is to use technologies and digital means to empower borrowers and lenders alike, allowing them to make more informed credit-regarding decision making.

    CreditMantri is a credit facilitation platform that assists consumers in making borrowing decisions. Consumers can examine and evaluate their credit potential, apply for loans, and make optimal credit decisions using the company’s credit facilitation platform, which provides free credit health analysis for easing borrowing decisions.

    Individuals are given a strategy to improve their credit score and record, and the company works with them to enhance their loan/credit card eligibility and lower their EMI expenses. It also assists people in obtaining their CIBIL report, providing a credit scan, and conducting analysis, and providing a credit health report.

    CreditMantri’ s services for clients with little or no credit history, as well as those with bad credit, are distinctive in that they help customers establish or recover their credit history. Most importantly, CreditMantri connects these consumers with the proper financial product lines depending on their credit score in the process.

    CreditMantri provides a variety of lender-specific solutions, including:

    • Credit items are listed on a marketplace.
    • Solutions that allow lenders to offer products to people who have never had credit before by allowing rapid credit decisions based on other data.
    • Services for Verification

    CreditMantri collaborates with more than 50 lenders and offers more than 50 loan products and services.

    CreditMantri – Name, Logo and Tagline

    CreditMantri' s Company Logo
    CreditMantri’ s Company Logo

    The company description says, “When data sciences, technology and financial services veterans come together, it creates an opportunity to bring out change.”

    CreditMantri – Founders and History

    CreditMantri was founded in 2012 by former bankers Ranjit Punja, Gowri Mukherjee, and R. Sudarshan to increase access to financial services for India’s low-income people.

    CreditMantri' s Founders - Ranjit Punja, Gowri Mukherjee, and R. Sudarshan
    CreditMantri’s Founders – Ranjit Punja, Gowri Mukherjee, and R. Sudarshan

    “A lot of consumers are not even aware of what their credit report looks like,” says CreditMantri co-founder Gowri Mukherjee. She explains how the company uses not only information from credit bureaus and banks, but also government records and “user-generated data”  —  social media, SMS data, calling records  —  to help their customers present a more detailed and robust account of their creditworthiness. “The neutral credit segment, which has never borrowed before and for whom data in the bureau is very shallow, actually has the most benefit,” she says.

    Gowri Mukherjee, an experienced financial services worker, considers her work both personally and professionally rewarding.

    “The number of users who have genuinely grasped where they stand in terms of their credit profile has been the most rewarding thing for me,” she says.

    Millions of people in India’s fast-rising economy have little or no experience with official credit intermediaries, making it nearly hard for them to obtain loans because they have no credit history. CreditMantri, a Chennai-based business, has developed a proprietary algorithm that incorporates additional data sources to create more comprehensive credit profiles.

    The expansion of credit bureaus such as TransUnion, Equifax, Experian, and CRIF High Mark about a decade ago helped to foster a healthy credit culture, but it also resulted in the exclusion of many people due to low credit or previous defaults. Unja sought to assist those who had been neglected. The start-up got $2.5 million under series A funding in May 2015 from Elevar Equity, IDG Ventures and Accion Ventures.

    “We provided the credit score for free,” Punja claims. The free service proved to be a huge hit. “It was a big turning point in the company’s journey,” he says.

    Over the last eighteen months, CreditMantri has delivered a number of first-to-market services:

    1. Credit history as well as score analysis online, with support for multiple bureau forms
    2. An online problem-solving tool for resolving outstanding debts and concerns with problematic lending accounts.
    3. Using a variety of data sources to enhance a user’s credit profile
    4. A real-time rule engine that compares lender credit criteria to borrower credit profiles in real time.

    CreditMantri is the 1st company in the industry to offer a Free Credit Health Check Online, which includes retrieving the user’s credit report and offering an online analysis. CreditMantri’ s goal is to put people in control of their credit decisions. The diversified team consisting of 50+ people, which has extensive experience in financial services in the credit, collections, and digital sectors, is focusing its efforts on meeting the demands of lenders and borrowers with various credit histories and risk appetites.

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    CreditMantri – Mission and Vision

    CreditMantri aspires to change the way people think about credit by providing them with transparent and accountable lending solutions. Everything the company does is based on its core values. Only when users perceive the value given have they become actual enablers.

    Company’ s Core Beliefs :

    • Improvements in technology and analytics, according to the company, should benefit consumers by assisting them in making educated decisions and providing them with more options.
    • Only when people perceive the value given will the corporation become actual facilitators. As a result, it focuses on providing services and solutions that are tailored to meet genuine market demands.
    • The most expensive form of credit is none at all.
    • The company’s goal is to make basic, straightforward financial products available to help people improve their lives.

    CreditMantri – Business Model

    The company’s web portal allows both borrowers and lenders to make better credit judgments. The CreditMantri business model is based on financial institutions paying CreditMantri a commission when a loan is approved for a customer. Getting new clients is the company’s biggest difficulty.

    The business model has grown to accommodate a wide range of consumers, from “first-time credit searchers” to “credit challenged” and “credit healthy” individuals. This fintech company currently serves over 10.5 M people and provides access to over 3,000 data points.

    The business model has evolved to make credit more accessible to everyone. CreditMantri provides real-time credit decisions to banks and NBFCs. The firm employs both classic and nontraditional data sources. CreditMantri also offers ‘new to credit bureau’ and existing borrowers loans and credit cards based on alternative data sources. The free credit bureau score is a good place to start. “A lot of our consumers come to us for a free score,” Punja explains.

    CreditMantri also offers a credit gateway or B2B profiling solution for businesses interested in credit profiling data, such as insurance, brokerage, and furniture rental organizations.

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    CreditMantri – Partnerships

    CreditMantri examines a customer’s credit history over the previous 36 months in order to form a reliable financial assessment of their creditworthiness. CreditMantri has deals in place with Equifax, a credit reporting service based in the United States, as well as Indian financial institutions such as ICICI Bank and DCB Bank.

    Its platform is used by over 55 lenders, including major public, private, and foreign banks and NBFCs, to source customers and engage in the resolution of prior debts. Some of its big partners include Bajaj Finance, Mannapuram, HDFC Bank, ICICI Bank, Chola Mandalam, Axis Bank,  Tata Capital, and others. CreditMantri then assists the user in improving their credit score by recommending loans and credit cards that are appropriate for their needs and lowering borrowing expenses.

    CreditMantri – Funding and Investors

    The CreditMantri funding is as follows:

    Date Round Amount Lead Investors
    May 18, 2020 Venture Round ₹60M —
    Jan 1, 2019 Debt Financing – Trifecta Capital Advisors
    Feb 28, 2017 Series B ₹514M Quona Capital
    Jun 26, 2015 Series A $2.5M —

    CreditMantri – Competitors

    BankBazaar, Maveric Systems Limited, KredX, SysArc Infomatix Pvt Ltd, Credit Karma, WeCash, CreditVidya, IndiaLends, and Credit Sudhaar are CreditMantri’ s main competitors.

    CreditMantri – Challenges Faced

    Someone with a poor credit score, often known as thin file credit, may be unable to get credit services such as loans or credit cards. Understanding the factors that influence a credit score is necessary for improving it. CreditMantri assists Indians in taking control of their credit health and making more informed borrowing decisions. People can take actions to enhance their creditworthiness and access financial possibilities that were previously inaccessible to them once they understand their creditworthiness.

    Getting new clients is the company’s biggest challenge. Furthermore, moving credit scoring power from credit bureaus to customers necessitates education of those at the bottom of the pyramid.

    “In the past two years, we have tripled our revenues,” says Punja, without disclosing numbers. The business faces challenges in terms of government’s stance on utilisation of data and the future regulatory framework. “We maintain a very higher standard, but we do think about how things (data use regulations) will play out,” says Punja.

    Banks that are digitizing and using artificial intelligence and machine learning to generate better scoring models, according to experts, will compete with the corporation. Similarly, credit bureaus are developing new services to meet the needs of their customers.

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    CreditMantri – Future Plans

    Ranjit Punja, the 49-year-old Founder and CEO of CreditMantri in Chennai, is unlike many other Fintech entrepreneurs. He worked for Citibank for for two decades before succumbing to the entrepreneur itch. R. Sudarshan, Chief Operating Officer, and Gowri Mukherjee, Chief Marketing Officer, are the other two co-founders.

    In 2012, the trio started their business by providing credit improvement services, or assisting borrowers in improving their credit scores so that they could obtain credit from banks and non-bank finance providers. Punja explains, “The objective was to aid folks who are credit challenge,” which according to her is still the same.

    “We aim to make credit more accessible to everyone,” Punja explains. CreditMantri can assist someone who wishes to increase his credit score. Consumers with a poor credit history or low credit ratings can obtain aid online and connect with lenders to erase their debts. This enables credit-challenged individuals to receive assistance in improving their credit history, after which banks and financial organizations are willing to lend to them.

    CreditMantri – FAQs

    When was CreditMantri founded?

    CreditMantri was founded in 2012.

    Who founded CreditMantri?

    CreditMantri was founded in 2012 by former bankers Ranjit Punja, Gowri Mukherjee, and R. Sudarshan to increase access to financial services for India’s low-income people.

    Is CreditMantri Safe?

    Yes, CreditMantri is a reliable website.

    How does CreditMantri make money?

    The business model is based on financial institutions paying CreditMantri a commission when a loan is approved for a CreditMantri customer. Getting new clients is the company’s biggest difficulty.

    Which companies do CreditMantri compete with?

    BankBazaar, Maveric Systems Limited, SysArc Infomatix Pvt Ltd, Credit Karma, WeCash, CreditVidya, IndiaLends, and Credit Sudhaar are CreditMantri’ s main competitors.

  • Success Story of Loanwalle.com-Providing Instant and Short-term Loans

    We have time and time gone round and round about the perks of digitization. The loan processes that would take months and had such cumbersome requirements are now available at just one click. Thanks to digitization! One such fintech startup is Loanwalle.com founded by Sachin Mittal in 2015.

    Startup Name Loanwalle.com
    Headquarters New Delhi
    Industry Fintech
    Founders Mr. Sachin Mittal
    Founded 2015
    Parent Organization Naman Finlease Pvt Ltd
    Website www.loanwalle.com

    About Loanwalle and How it Works
    Loanwalle – Target Market Size
    Loanwalle- Founders and team
    How was Loanwalle Started?
    Loanwalle – Name, Tagline, and Logo
    Loanwalle – Startup Launch
    Loanwalle – Competitors
    Loanwalle – Business Model and Revenue Model
    Loanwalle – Growth
    FAQs

    About Loanwalle and How it Works

    Loanwalle deals in payday loans which are quick emergency loans disbursed in 30 minutes from the time it is applied for. To fulfill the fast money requirements of the customers, the loan approval process is fully automated and is based on an algorithm that assesses the applicant’s creditworthiness and grants loan within no more than 30 minutes.

    It is a short-term borrowing wherein the company extends high-interest loans to salaried customers on the understanding that they would repay the loan amount along with interest on the day they get their salary. The maximum tenure of the loan is 30 days. The customer has to repay the loan on the due date along with all the interest or be subject to a penal interest for the subsequent days that he fails to repay the loan. The customer has the option to borrow once again on repayment.

    Loanwalle.com offers a fintech loan product that can be approved and disbursed within minutes. This type of loan is unique in the model worldwide, due to the requirement faced by all segments of people and there is hardly anyone to meet these requirements.

    It has been designed in such a way that this type of loan stands out as being different from all other loans. It is not personal loans for a long duration but is taken to meet an emergency at home or work. And due to the emergency requirement, this becomes the most approachable option.

    Loanwalle.com follows a disruptive lending pattern that uses data-driven algorithms to help people with instant loan requirements 24×7, 365 days a year. It uses an advanced technology system to simplify loan application processes as well as the sanctioning process to allow loans to reach faster to the customer. The app underwrites loans using banks and CIBIL analyzer, data in phone, text, social media connections to determine creditworthiness.

    About Loanwalle 

    Loanwalle – Target Market Size

    Roughly, the payday loan market in India is estimated to be at INR 100 crores, with rapid growth in the market since 2016, when the demonetization happened. As many as 100 start-ups were born over the last three years and similar growth is projected in the next five years.

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    Loanwalle- Founders and team

    Sachin Mittal, Founder of Loanwalle
    Sachin Mittal, Founder of Loanwalle

    Founded by Sachin Mittal, Director, and CEO, the company has an efficient team of professionals drawn from the banking and financial sector, who run the day-to-day operations efficiently. Operations are led by Abhijit Banerjee, another director of the company with well-carted divisions like Credit, Disbursal, Recovery, Marketing, Telecalling and accounts and finance. Each division is headed by a competent professional. Loanwalle.com has 17 branches across the country with a manager heading each center.

    Loanwalle- Startup Launch

    The idea for Loanwalle.com was stemmed by observing the inability of banks to extend small and short term instant loans to those who need money for emergencies. Such emergency funds are required in most households and also offices and since there were no facilities available, these people had to borrow from friends or relatives, at the cost of their self-respect. And this is how Loanwalle.com started.

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    “Our customers are middle-class salaried people and we felt an Indianised name would appeal to them more. We are the loan people and hence the name Loanwalle” Says Sachin Mittal.

    Loanwalle-logo
    Loanwalle-logo

    Loanwalle – Startup Launch

    What worked the most for Loanwalle.com is the speed at which it disburses the loan amount to the customer’s account. And Loanwalle.com doesn’t compromise on this aspect. Also, it’s continuous efforts towards technological advancement helps make the process smooth and seamless for the customer.

    “We were not the first among this category in the market. Hence we had to have a well-designed strategy with which we could move ahead of our competitors.” Says Sachin Mittal.

    It’s strategy since inception has been speed and a wider geographical spread across the country. Both these paid rich dividends to the venture.

    Loanwalle – Competitors

    The instant loan market is full and filled with players with substantial market standings. Short term loan ventures include PaySense, EarlySalary, Dhani, MoneyTap, MoneyView, FlexSalary amongst many.

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    Loanwalle – Business Model and Revenue Model

    “We were already in the business of money and finance, so for us getting the right customers was not such a challenge.” Added Sachin Mittal.

    Since inception Loanwalle.com has adopted digital marketing to attract customers. And that’s how the first 100 customers were landed by the firm.

    Loanwalle – Growth

    Loanwalle.com is fairly new in the fintech world but the growth has been phenomenal. With technology changing at lightning speed, it has kept adopting the new and latest technology to keep increasing the volume and in the process keep the interest rate at a bare minimum lower than conventional banks also. “Therefore, we are here to bring about a disruption in the lending sector,” concluded Sachin.

    FAQs

    What is Loanwalle.com?

    Loanwalle deals in payday loans which are quick emergency loans disbursed in 30 minutes from the time it is applied for.

    Who is the Founder of Loanwalle?

    Sachin Mittal is the founder of Loanwalle. He also serves as its CEO.

    What are some Instant loan startups?

    Some startups that provide loans are Loanwalle.com, Creditbee, MoneyTap, PaySense, EarlySalary, Dhani, MoneyView, FlexSalary amongst many more.

  • Startups Funded by Omidyar Network India

    Usually investment firms only fund a startup when they see potential to grow their money. However philanthropic investment firms fund in startups that help achieve their philanthropic endeavors like solving a country’s problems or empowering the civil society.

    One such philanthropic investment firm and a non-profit organization is Omidyar Network India, which was established in 2004 by the eBay founder Pierre Omidyar and his wife Pamela Kerr. Omidyar Network India is part of the US based Omidyar Group which is a diverse collection of companies, organizations and initiatives that are dedicated in creating opportunity for people to improve their lives.

    Omidyar Network India has its headquarters in Mumbai, Maharashtra with over a 50 employees in the country. Omidyar Network invests in innovative organization and bold entrepreneurs that will eventually catalyze economic, social or political change. As of 2017, the firm had invested in more than 60 companies within a decade, and raised more $350 million by 2020.

    So far the organization has committed over $992 million to profit, nonprofit and public companies that aim in fostering economic advancement and that are trying to solve the problems of India’s hardest and most difficult problems and challenges.

    Omidyar Network India makes equity investments upcoming companies and provide grants to non-profit organizations in the areas of Digital Identity, Education, Emerging Tech, Financial Inclusion, Governance and Citizen Engagement, and Property Rights. The organization invests in 3 levels which are :

    • Supporting new and upcoming market innovators,
    • Help in building institutional & market infrastructure and
    • Working with the Indian Government to promote inclusion, entrepreneurship, competition, and ensure necessary safeguards and protections.

    Quikr
    HealthKart
    Dailyhunt
    1mg
    Scripbox
    Transerve
    Vedantu
    ZestMoney
    Credflow
    WhiteHat Jr
    Newslaundry
    Frequently Asked Questions

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    Here are some of the startups funded by Omidyar Network India

    Quikr

    Quikr is the India’s top online classifies platform that helps people of a particular city meet, trade, buy and sell household goods, cars, bikes, local services and even find jobs, among other services. Quikr was founded in 2008 by Pranay Chulet and has its headquarters based in Bengaluru, Karnataka.

    The company is currently has its footprint in 1000 different cities around the world. Quikr aims on empowering people to independently connect with different buyers and sellers. The company has so far raised over $350 million in 7 rounds in order to fulfill its dream of disrupting the ecommerce market in country and empower people.

    In 2009, the company raised over Rs 200 million in their second round of funding which was led by Omidyar Network and Matrix Partners India. Quikr has a long list of investors like Tiger global, Kinnevik, Matrix Partners, Omidyar Network, Norwest Venture, Nokia growth Partners, Warburg Pincus and eBay, etc.

    HealthKart

    HealthKart is known to be India’s largest online nutrition and fitness platform that offers products, services and even expert advice or assistance to fitness enthusiasts. The company also has leading subsidiaries like MuscleBlaze for (sports and fitness) and Healthkart for (health).

    HealthKart sells everything from protein supplements to vitamin smoothies at affordable prices. The company has it’s headquarters in Gurgaon and sells more than 200 brand products and authorized vendors that is listed on their website. It is known for nutrition products that are sold especially to elderly people, personal care, chronic care, eye and skin care.

    The startup raised over Rs 27 crore in their second round of funding from their existing investor Sequoia Capital and Omidyar Network India. With this the company expanded its product portfolio and is also developing an online magazine about health and fitness.

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    Dailyhunt

    Dailyhunt is one of the top news and local language content app in India. Currently, the company has over 150 plus million app installations with more than 100,000 news articles that are available in 14 different languages.

    The company was founded in 2007 by Virendra Gupta and its parent company is Verse Innovation. Dailyhunt claims to have 150 million monthly users and 27 million daily users. It also has 650 publication partners, while their content is created by machine learning algorithm that delivers real time personalized content.

    The company raised over Rs 24.61 crore in series E2 funding from Omidyar Network India, Sequoia Capital and the Renu Sehgal Trust. Omidyar also funds other news aggregators like Pratilipi and Helofy. The competitors of Dailyhunt are NewsDog which is backed by Tencent and Helo backed by Toutiao.

    1mg

    1mg website
    1mg Website

    1mg is one of the top online pharmacy and integrated health application in India and is known for its wide range of medicines, health products, online consultation, booking lab tests and providing information on doctors, clinics, diagnostic centres, pharmacies, etc.

    The company promotes transparency around medicine information and is the one stop shop for medical search and transaction experience. During the pandemic, the platform has become popular as it delivers medicines and health products at the safety of the homes in more than 1000 cities across India from Licensed pharmacies.

    In 2016, 1mg raised over $15 million in their series B funding round from Maverick Capital Ventures, Sequoia Capital and Omidyar Network India. The company at that time said that it was going to use the funds to expand their online pharmacy and diagnostics and also launch personalized health feeds for their consumers.

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    Scripbox

    Scripbox is an online mutual funds platform, which was founded by Sanjiv Singhal in 2012. The company has its headquarters in Bengaluru, Karnataka and uses proprietary algorithms to curate a portfolio out of 8000 other mutual funds in country, they are then divided into equity, debt and tax savings.

    The company aims to educate young working professionals to save and grow their wealth and also encouraging people to explore inflation beating instruments rather than the usual inflation par instruments like fixed deposits and gold. As according to E R Ashok Kumar, the CEO of Scripbox, equities will give people over 15% returns than compared to the traditional forms of investing.

    The company raised an undisclosed amount in their series B round investment from Omidyar Network India and Accel partners. The company joins Omidyars’s other investment made in the sector of personal savings such as Juntos from US and Tandem from UK. Scripbox was planning to expand to 1000 cities by 2020 with its funds.

    Transerve

    Transerve is a platform that offers geospatial tech based SAAS solutions. The platform allows solutions for sustainable growth and urban planning. Transerve is used by both individuals and companies for visualizing and sharing spatial data and map visualization through Map APIs.

    The platform is a data collector, has location intelligence and helps in mapping precisely so the companies can geo locate data and then make smart and accurate decisions. The company also built many apps and platforms like CityOS in order to solve problems which are related to urban setup, Watsan for waters supply and sanitation solutions and deploys Lidar for heritage restoration and highway engineering.

    The company aims in providing solutions to modernize a city’s municipal information system, which is why it went on to raise $1.6 million in Series A funding from IL and FS Investment Managers and Omidyar Network.

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    Vedantu

    Vedantu Website
    Vedantu Website

    Vedantu is a well-known Ed tech company that allows teachers to provide Live tuitions to students online. The online tutoring platform has more than 500 of India’s best curated teachers and over 1 million hours to over 40,000 students across 1000 plus cities from 30 countries.

    Vedantu uses a built in technology known as WAVE to create a marketplace model for teachers, where students can browse, discover and choose to learn from a particular teacher. So far the app offers teaching classes for 6th to 12th grades and also for co-curricular and competitive examinations.

    Vedantu raised $11 million in Series B funding round from Omidyar Network in 2018. It also went on to raise $12.5 million in Series C-1 round of funding from Legend Capital and Omidyar’s Ohana Holding in 2020.

    ZestMoney

    ZestMoney is India’s fastest growing Fintech startup that was founded in 2015 by Lizzie Chapman, Priya Sharma and Ashish Anantharaman. ZestMoney uses mobile technology, AI and digital banking facilities to make life more affordable to millions of Indians by managing their credit for them and helping them pay in affordable EMIs.

    The platform was made with the aim of improving lives of the people who don’t have an access to credit card or other financial option due to insufficient credit history.

    The Bengaluru based digital lending startup raised over $20 million funding in Series B round from Quona Capital, Reinventure, Omidyar Network, Ribbit Capital and PayU. The company is said to use these funds for expanding their platform with EMI-based financing for e-commerce and for other online purchases.

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    Credflow

    Credflow is a New Delhi based Fintech startup, that offers small and medium enterprises (SMEs) solutions for cash flow management. With the help of the platform SMEs can manage their finances better with timely insights of pending amounts by customers, sending regular payment reminders, validating invoices and negotiating discounts for early payment, among others.  

    So far over 5000 SMEs are said to have used Credflow to process invoices that are worth over Rs 70,000 crore. The main aim of Credflow is to help small businesses grow exponentially by managing their banking, payments, and treasury.

    Credflow raised $2.1 million in their seed round of funding from Stellaris Venture, Omidyar Network and Flourish Ventures. The company said that they would use the funds to develop its platform, strengthen its technology and come up with new products in order to expand their customer base.

    WhiteHat Jr

    WhiteHat Jr Website
    WhiteHat Jr Website

    WhiteHat Jr is a Mumbai based Edtech startup that offers live online 1:1 classes on coding and math. The platform is also built on the foundational skills like literacy and numeracy from an early stage.

    WhiteHat Jr helps in connecting top certified teachers that can teach children topics such as e-learning, coding, early childhood education, computational thinking, logic, algorithmic thinking, etc. After learning the kids are encouraged to come up with creative outcome like animations and apps.

    The startup raised over $1.3 million in a seed funding round from Nexus Venture Partners and Omidyar’s Network India in 2018. It also raised $10 million in their Series A funding round by their existing investors Nexus Venture Partners and Omidyar’s Network India in 2019. The company said that they would use the funds to strengthen their platform and expand their curriculum and marketing to increase consumer awareness.

    Newslaundry

    Newlaundry is a well-known independent news media company that provides its readers with media critique, reportage, satirical commentary, podcasts, documentaries, comics and animation content. The media company was founded by former journalists Abhinandan Sekhri, Madhu Trehan and Prashant Sareen in 2012.

    Newslaundry was also the first subscription based website in India, as unlike other news websites like The Wire, The Quint, Scroll, etc the company relies on public subscriptions for revenue instead of advertisements. In 2016, the media company raised Rs 3.1 crore from Omidyar Network, Omidyar now owns 18.4% stake in the company.

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    Conclusion

    Over the years Omidyar Network Indian helped in driving empowerment and social impact at a big scale, by investing in startups and entrepreneurs who aim in providing solutions to solve Indian chronic problems. Even during the Covid 19 pandemic, Omidyar Network funded over Rs. 10.75 crores to 67 projects out of 2000 under the Rapid response funding initiative in 2020. The investment firm will continue to help many upcoming startup grow and bolster a vibrant entrepreneurial ecosystem.

    Frequently Asked Questions

    What is Omidyar Network India?

    Omidyar Network India is part of the US based Omidyar Group which is a diverse collection of companies, organizations and initiatives that are dedicated creating opportunity for people to improve their lives.

    Who is the founder of Omidyar Network India?

    The philanthropic investment firm and a non-profit organization was founded by Pierre Omidyar (also the founder of eBay) and his wife Pamela Kerr.

    What are the areas that Omidyar Network India funds?

    The areas in which Omidyar Network India funds are Digital Identity, Education, Emerging Tech, Financial Inclusion, Governance and Citizen Engagement, and Property Rights.

    What are some of the Top startups funded by Omidyar Network India?

    The startups funded by Omidyar Network India are Newslaundry, WhiteHat Jr, Credflow, ZestMoney, Vedantu, Transerve, Scripbox, Dailyhunt, 1mg, HealthKart and Quikr.

  • How Invest19 is Disrupting the Stock Market? [Exclusive Interview]

    Invest19.com is disrupting the stock market with its AI-powered stock tech platform. Invest19 Technologies is a fintech company serving in the technology sector and leverages the power of emerging technologies like machine learning, data science, Artificial Intelligence, to simplify, automate, and enhance the user experience – from customers to businesses.

    Invest19.com is building an innovative platform capable of providing next-generation, scalable and low-latency tools and technology solutions to individuals and businesses in meeting the swiftly evolving needs of today’s fast-growing industry.

    StartupTalky interviewed Mr. Kaushlendra Singh Sengar, Founder & CEO of Invest19.com to know how the startup is planning to disrupt the stock market industry by leveraging emerging technologies. Read all about the USP, Features, Revenue Model of Invest19.com, its marketing strategies, future plans and more in this post ahead!

    Invest19.com – Company Highlights

    Startup Name Invest19.com
    Founders Kaushlendra Singh Sengar (CEO), Mahek Tomer
    Headquarters Noida
    Founded 2020
    Industry Fintech, Wealth Management

    Here’s what Kaushlendra Singh has got to say about Invest19.com –

    1. Invest19.com USP over its Competitors
    2. How Invest19.com is Planning to set itself apart and grab the investors trust?
    3. What emerging technologies is Invest19.com disrupting to enhance the user experience?
    4. Invest19.com Revenue Model – “Become an Investor @ Cost of Burger”
    5. Invest19.com – Marketing and User Acquisition Strategies
    6. How does the Execution Partner Opportunity for Stock Brokers at Invest19.com work?
    7. How is Invest19.com coping with Challenges and Opportunities amidst pandmeic?
    8. Achievements of Invest19.com
    9. Future Plans of Invest19.com

    1.What USP Invest19.com provides over its competitors?

    Invest19.com is an Investment ecosystem providing multi broker choices to scale capital market into small towns by build next generation stock market industry on cloud where in market participants like exchanges, depositories, stock brokers, market experts can come together and provide seamless investment experience to create new breed of smart investors.

    Invest19 founder
    invest19 founder – Kaushlendra Singh

    2.Over 30% of market share in the discount brokerage industry is held by top players like Zerodha, Angel Broking, 5paisa, Upstox among many. How do you plan to set yourself apart and grab the investors trust?

    Invest19.com is supporting stock brokers by providing next generation cloud infrastructure to scale their broking business by increasing their reach up to small town users,  disrupting human centric technology is providing better user experience, which leads to high user retention ratio and better revenue. Invest19.com is building business beyond technology by referring new users to stock brokers.

    3. How is Invest19.com ahead in its technology implementation? What emerging technologies are you disrupting to enhance the user experience from customers to businesses?

    There is a lack of financial literacy in India and complexities of available trading platforms are the biggest entry barriers for novice investors. We at Invest19.com is trying to fix these challenges with the help of latest blend of technologies, which is highly scalable, can handle millions of orders per second, simplifying investment experience by using human centric user interface and experience, making system more intelligent by mixing human brain with Artificial intelligence and data science and proving one touch investment platform.

    With this we are able to provide an investment platform where in a layman can also investment with confidence and grow their wealth.

    4. Found this intriguing- “Become an Investor @ Cost of Burger” How do you plan on executing this? What revenue model mechanism are you adopting?

    We believe that like 2 decades ago computer education became mandatory for everyone from schooling, in the same way we should also make investment education mandatory from schools this is the right time when one should learn the art of savings and power of investment. If we want to build a new breed of future smart investors we should start working from roots.

    That’s why we have built this product name “become an Investor @ cost of burger” this signifies that students can become investors by compromising from a piece of a burger and their pocket money is sufficient enough to start the investment journey.

    We, along with SEBI registered market experts have created a special poll of high potential listed companies with good fundamentals and future business projections with low stock prices. Our specially designed artificial intelligent system will help users to build a low risk and high growth portfolio.

    We have all three business model, B2B, B2C and SaaS along with monetization Strategies like Financial Literacy, Gamification, Referral Reward, Sponsorship & Space Selling, Freemium Model, Transactional Fee, Membership Selling, Licensing Fee.

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    5. How are you planning to make yourself known in the investment world? What marketing and user acquisition strategies are you employing?

    Building Investment ecosystem for millennials, offering multiple BFSI service provider and investment assets class choices, simplified investment experience with affordable tailor made investment ideas by mixing human brains with artificial intelligence and cash back on brokerages.

    As we are on beta stage, so we do understand that there is high chance of app performance issue. That’s why we have started a physital model a mix of digital and human touch to spread financial literacy and create trust among small town users and to trained users about platform features. Human touch approach is bridging the gap wherever there is a bug or app performance issue. This is cost effective for the early stage startup because here you pay only on business conversion.

    6. What exactly is Execution Partner Opportunity for Stock Brokers? How does it work?

    Invest19.com is an investment ecosystem where in any regulated stock brokers can get registered as an execution partner by doing some necessary paper work with the respective exchanges and can become a next generation tech broker, here broker will get everything which is required to run and expand the business, starting from user acquisition, investment ideas services, trading features, customer support, portfolio tracker and many more.

    This way a regional broker can become national stock broker and can acquire user from pan India with no time and marketing budget. This is reducing market cost, sales cost, tech and server cost, operation cost, research team cost and many more.

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    7. Launching a company amidst the start of pandemic must’ve bought its own opportunities and challenges. How is Invest19.com coping with it?

    Invest19.com was hardly 2 months old when lockdown started in March 2020. Initially it was quite challenging for us, as no one was prepared for that and business dynamics completely changed after lockdown.

    As product was into development stage that time. So we missed the chance to grab the user growth opportunity. But we saw this pandemic as an opportunity and people have realized the importance of savings in this hard time.

    It’s being more than a year we are working from home, seeing the changed business dynamics in covid-19. We focused on building the paperless 100% online investment ecosystem, which can convert the offline brokers into online as due to lockdown their sales people are not able to go out for business development or demat account opening.

    To reduce risk due to Covid uncertainty we focused on:

    • Fund raising and investments: In parallel with Product development, I have started pitching investors to meet out working capital requirements of the company. As product was into development stage so we were completely dependent on the investors’ fund. I have followed a sustainable business, wherein all the resources, particularly monetary resources and funds, need to be used consciously. Managing cash flow and conserving resources for a few months post resumption of normal operations is a key to sustainability.
    • Incorporated short cycle planning: Instead of looking at long-term plans three months, six months, and one-year plans should be ready. In the current scenario, making up for the lag due to lockdown and preparing the organisation to cope up with the situation needs to be focused upon.
    • We are also doing Effective and regular monitoring: The need for mentoring is going to be the highest in given times, as team is working from home and lots of coordination is required to deliver the project on time.
    • We have created Strong communication channel: During the Covid times, it is essential that the channel of communication is effectively and efficiently maintained. Being open and available to the concerns of all stakeholders, including customers and investors, becomes extremely important to maintain their association with the business.

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    8. It’d be great if you could highlight some of your achievements

    • We received our first success in July 2020, when we got the exchange approval of our platform to go live in one go without any observation. In the history of stock market, we are the first platform who got go live approval in one go.
    • Second success came by August end when we did beta launch of this platform.

    9. Where do you see Invest19.com in the next 5 years in comparison to your competitors? Any business expansion/partnership/funding plans?

    In next 5 years Invest19.com will become the world’s largest investment ecosystem, with more than 45 stock exchanges and all the possible investment asset class you can think of. We are doing partnerships with banks, stock brokers, NBFC’s, insurance companies, AMCs, Fintech platforms, financial platforms, etc. and also raising funds to speed up our product launches, soon will do the funding announcements.

    Conclusion

    Startups are always a step ahead in disrupting the emerging technologies, be it any field. Invest19.com being one among is aiming to be the world’s largest investment ecosystem by 2026 by leveraging artificial intelligence, machine learning and data science. Launching the company amidst the start of pandemic bought its own opportunities and challenges to the team, but Invest19.com paved its way over the beat launch in August 2020 and is looking for a main launch in 4 months i.e., July-August 2021.

  • KredX – The Ultimate Invoice Discounting Tool For Businesses

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by KredX.

    Invoice Discounting, also known as Invoice Bill Discounting, is a method for a business to get working profits by issuing an invoice to a lender at a lower price than that mentioned on the bill. In this setup, the seller obtains the payments well ahead of the bill’s due date and can put the money to good use in his enterprise.

    KredX, headquartered in Bangalore, Karnataka, is a web-based invoice discounting tool that allows businesses to fundraise for their operating expenses.

    KredX – Company Highlights

    Startup Name KredX
    Headquarters Bangalore, Karnataka
    Industry FinTech, Financial Services
    Founded Sep, 2015
    Founders Anurag Jain, Manish Kumar
    Website www.kredx.in

    KredX – Latest News
    About KredX and How it Works?
    KredX – Mission and Vision
    KredX – Name, Logo and Tagline
    KredX – Founder and History
    KredX – Products and Services
    KredX – Business Model
    KredX – Revenue And Growth
    KredX – Funding and Investors
    KredX – Acquisitions
    KredX – Competitors
    KredX – Challenges Faced
    KredX – Future Plans
    KredX – FAQs

    KredX – Latest News

    As of December 2019, KredX, an invoice discounting platform, has raised $26 million (nearly INR 184 crore) in Series-B fundraising led by Tiger Global Management, with participation from previous investors. In 2016, Sequoia Capital and Prime Venture Partners invested INR 40 crore in the company’s Series-A investment. The Bengaluru-based venture assists businesses with short-term financing needs by paying bills and receivables.

    According to the company’s most recent data, KredX has handled over 500,000 invoices, assisting more than 5,000 suppliers through 10,000 investors in 36 locations around the country. Scott Shleifer, Partner at Tiger Global, remarked, “I believe the firm (KredX) has developed an efficient and reliable loan marketplace connecting Indian companies with institutional investors.”

    About KredX and How it Works?

    KredX is a company that creates an invoice-discounting platform that allows businesses to grow without having to worry about collateral. The business’s platform provides an investing software that connects micro, small, and medium-sized businesses seeking working capital with individual lenders, allowing firms to obtain working money quickly by selling outstanding receivables.

    KredX is a platform where company owners can sell invoices raised on large cap firms and investors can buy them. By purchasing these future income flows, investors wishing to invest money for a short period of time (1-3 months) can earn substantial returns. It creates a whole new financial asset class by combining advanced software with credit underwriting and data and analytics expertise. This platform allows business owners searching for a cash advance on invoices raised against big-name institutions to sell these outstanding bills at attractive rates.

    KredX assisted the business in managing its finances while maintaining that its client relationships were not jeopardized. They were able to grow and develop their business by partnering with KredX, raising liquidity without affecting the balance sheet. KredX’ s customized methods and structured solutions assisted the organization in effectively allocating resources for its expansion needs.

    KredX – Mission and Vision

    KredX was founded in 2015 with the sole purpose of assisting businesses with their working capital needs by leveraging an asset that sits dormant on their balance sheet in the form of accounts receivable.

    KredX – Name, Logo and Tagline

    KredX' s Company Logo
    KredX’ s Company Logo

    KredX believes in improving people’s lives through its intuitive and innovative products, and its work culture reflects this belief. The team is dedicated to achieving the “all work and must-play” aim.

    KredX – Founder and History

    Anurag Jain is the Founder and Executive Director of KredX. KredX was founded in 2015 with the sole purpose of assisting businesses in overcoming cash flow difficulties and hence boosting growth.

    The KredX range of products grew from an invoice discount platform to handle greater concerns including early payments for corporate treasuries through Early Payments Technology and Growth Capital solutions. At present, KredX is India’s biggest cash flow solution provider, providing unique capital solutions to businesses and their suppliers while also providing investors with a unique opportunity to make low-risk, high-return investments.

    With just INR 2 lakh in the capital, the company that began with the goal of providing cost-effective goods and solutions in all areas of IT has developed into a professionally run supply-chain specialist with a revenue of INR 3400 crore.

    On a daily basis, the company’s unshakable devotion to customer experience, irrepressible desire for excellence, seamless coordination among team members, and solid business ethics lead to a large and diverse clientele. The payment cycle can be pushed out across a few weeks in such instances. Dealing with major vendors whose payment timeframes may fluctuate, ultimately influencing their finances, is important to any company’s business growth.

    KredX – Products and Services

    The KredX Product Suite is a collection of following KredX products:

    • Working Cash Solution – Enabling businesses to obtain working capital in a short period of time while also giving investors with a lucrative return on their investment.
    • Growth Capital Solution – KredX’ s growth capital solutions assist firms in overcoming obstacles by offering upfront funding for expansion and growth.
    • Early Payments Technology — A cloud-based technology solution that allows businesses to make discounted early payments to their vendors.

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    KredX – Business Model

    KredX is a digital invoice discounting platform that allows businesses to acquire funds for working capital needs at advantageous terms by selling outstanding bills raised against blue-chip firms, while also giving investors a unique short-term investment opportunity.

    The KredX business model is an alternative investment model in which you can begin investing with a minimum of 3 Lacs for a short period of time and expect a fixed return at the end of the investment period, which can range from 30 to 90 days. Annual returns range from 12 percent to 20 percent (as per their marketing material).

    KredX – Revenue And Growth

    At present, KredX’ s revenue is $31 Million. Through its network of lenders, digital lender KredX said it will disburse INR 1,000 crore in loans in the fiscal year 2021 through its revenue-based financing (RBF) product, with an emphasis on consumer brands and software-as-a-service (SaaS) firms.

    Through its revenue-based financing product, KredX has disbursed loans to a number of brands trying to sell on e-commerce platforms like Flipkart, Amazon, and Myntra in the last two years.

    KredX – Funding and Investors

    Date Round Amount Lead Investors
    Dec 11, 2019 Series B $26M Tiger Global Management
    Oct 25, 2016 Series A $6.3M Sequoia Capital India
    Apr 13, 2016 Seed Round $750K –

    KredX – Acquisitions

    Acquiree Name About Acquiree Date Amount
    Hummingbill Hummingbill is a B2B invoice platform that helps vendors and enterprises run more efficiently, using email plugins. Mar 1, 2017 –

    KredX – Competitors

    Top Competitors of KredX are :

    • SAP Concur.
    • Webexpenses.
    • Replicon PSA.
    • Bill.com.
    • SAP Ariba.
    • Spendesk.
    • Stampli.
    • AvidXchange

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    KredX – Challenges Faced

    The organisation tried a variety of financial aid options in search of solutions to meet their needs, but there were a number of issues with the options, the most significant of which was the time needed in the process. There are various issues with the offerings, the most significant of which is the amount of time required to complete the process. Other disadvantages included:

    • Reduced the funding limit in accordance with existing policies and procedures.
    • To access standard offerings, the organization had to provide collateral and financial information.
    • Other types of short- and long-term financing were prohibitively expensive.
    • Obtaining capital for liquidity and expansion is a challenge.

    KredX – Future Plans

    “Being in the B2B payment ecosystem, our transaction processing volume has crossed $2.4 billion annually and is forecast to double in the next twelve months. With wider acceptance of our products, we are well-positioned to serve the entire spectrum of the supply chain for any company,” said Anurag Jain, executive director, KredX.

    More than 120 companies use the platform, including Tata Croma, Future Group, and Vedanta. The company intends to use the additional funds to hire senior executives in order to accelerate its expansion. It also plans to use the capital to develop new products and make acquisitions.

    According to the company’s data, KredX has handled over 500,000 invoices, assisting more than 5,000 suppliers through 10,000 investors in 36 locations around the country.

    ” I believe the company (KredX) has created an efficient and trusted lending marketplace connecting Indian companies with institutional investors,” said Scott Shleifer, Partner, Tiger Global.

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    KredX – FAQs

    What does KredX do?

    KredX is a company that creates an invoice-discounting platform that allows businesses to grow without having to worry about collateral.

    Who founded KredX?

    Anurag Jain founded KredX in 2015.

    Where is KredX headquartered?

    KredX is headquartered in Bangalore, Karnataka.

    Which companies do KredX compete with?

    KredX competes with SAP Concur, Webexpenses, Replicon PSA, Bill.com, SAP Ariba, Spendesk, Stampli, and AvidXchange.

  • How UPI Payments Impacted FinTech Industry?

    The term “FinTech” is the combination of finance and technology and is referred to the provision of new solutions in the field of finance by IT venture companies. New business models are being created one after another, particularly in the area of B to C services using the Internet. The major difference between these new businesses and traditional finance companies is their thought regarding IT investment.

    The use of information technology is generating dramatic changes in financial services making it more easier and efficient to use. Payment services were previously having the players like banks and credit card companies, but now variety of new players have entered the field making it more easier and beneficial for the people of the country. Correspondingly, UPI payments impacted FinTech Industry.

    Why is UPI growing at such a rate?
    How UPI impacted the fintech industry in India?
    Conclusion
    FAQs

    Why is UPI growing at such a rate?

    UPI Apps
    UPI Payment Apps

    • One of the reasons why UPI services has been adopted globally with trust. When you use UPI to pay for things, card information is not shared with merchants, meaning that even if the merchants are hacked, people using UPI payments are safe from leaking information.
    • Another reason why UPI payments is revolutionizing the Fintech Industry is its hassle free approach to pay and register. All that is required to validate your UPI is simply an authentication of your Aadhar card, your finger prints are scanned and your mobile phone number is verified.

    The Indian society have a strong fear of fraud, both in physical retail and online. Although governmental interventions to use digital transfer modes for payments had taken place in India, it is still a very cash-based society. If we take a look at credit card usage, which is a basic form of digital payments, adoption of such payment services are low in the states of India as compared to the US, UK, Japan or South Korea. Building trust in digital payments services is the key.

    The take-up of digital payments or any other FinTech services will be about how the FinTech industry can provide customers with comfort and trust, enabling them to feel safe and secure using the service. The use of mobile is already driving the biggest change in financial services history. Mobile is considered as the fastest mass adoption of a technology in history than any other technology. There are already 7.2 billion mobile devices today. With UPI payment services, mobile was only 1% of all transactions in 2010, it is now above 45% in 2019.

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    How UPI impacted the fintech industry in India?

    FinTech Industry
    FinTech Industry

    CEO of National Institution for Transforming India (NITI), Amitabh Kant in an interview had said that Fintech market in India is likely to expand to $31 billion in 2020 and this owes largely to the use of UPI payments. This is mostly because India is the only country in the world with over a billion mobile connections and bio-metrics, provides an enough scope and opportunity for penetration of fintech technology.

    Indian FinTech market is estimated to jump to $140 billion in 2023 and by 2025, Fintech industry valuation is estimated at $150-160 billion.

    • UPI has made payments easier: Gone are the days, when people used to carry huge bundle of cashes as they traveled or visited a restaurant. With the introduction of UPI payments, it is now become an easier and more secure while travelling.
    • UPI has made the buying and selling easier through e-commerce: UPI has made the buying and selling through fintech app solution, easier for the e-commerce companies. When a diverse range of devices are connected via the Internet of Things (IoT), it possible to obtain historical data concerning peoples’ daily activities. Using these life-logs, the e-commerce platforms are able to analyse patterns of regular and illicit activity, increasing their ability to detect illicit activity.
    • Enhancing trust for both customers and businesses: UPI payments has initiated and created a trust between the buyers and sellers. This is due to the privacy that is maintained within the system. UPI transactions are always payer initiated and demands the approval of the payer by an OTP. This is focused on person-to-person (P2P) transfers.
    • Payments via UPI are extremely quick: Another noteworthy feature of the UPI that has created a huge demand for it in the Fintech industry is that the payments or transactions are done extremely swift. There is no lag and delay which helps in the smooth flow of business.
    • With UPI you can directly link your account to the BANK and there is no need for virtual wallets: There are many virtual wallet companies like Paypal, PayTM, Mobikwik etc, which requires you to put some money within the virtual wallet, but with the use of UPI payment you can directly use the money from your savings account.
    • You may also keep a record of your bank transactions through UPI: UPI also enables you to keep a record of the withdrawals and deposits, this saves time for people who would have otherwise visited the bank to update their passbooks. This creates a major benefit for the elderly people who do not need to visit banks and they can transfer whatever amounts they want through an application.

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    Conclusion

    UPI in the last two years has made another innovation where you can request credit through your overdraft (OD) account. This latest value addition eliminates the risk of fraud credit card calls and the risk assessment involved through traditional credit facilities from banks. Thus we can rightly say that a culture of innovation and entrepreneurship has emerged with the use of UPI in the Fintech Industry and we could not have been more proud. It Revolutionised the idea of daily payments and also improvised on the security of transfers.

    FAQs

    What is UPI full form?

    UPI’s full form is Unified Payments Interface.

    What is UPI in banking?

    Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI).

    What is a FinTech industry?

    FinTech stands for Financial technology. FinTech is an economic industry that includes companies that use technology to make financial services quick and efficient.

    What is UPI Technology?

    UPI is a unified interface of NPCI that merges various banking services and wallets payment and other features under one payment system. One UPI ID  and a pin are generated. A UPI ID and Pin are used to send and receive money and real-time bank-to-bank payments can be made.